crude oil

New infrastructure projects capable of withstanding severe weather events would be funded through a new tax on oil companies, according to the Obama White House’s fiscal 2017 budget request unveiled Feb. 9.

Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house.

President Barack Obama will propose a $10-per-barrel tax on oil in his fiscal 2017 budget to finance self-driving cars, public transit, railroads and other transportation improvements, the White House said.